Cannabis report: Baby boomers are paying more for weed

The 2018 State of Cannabis report demonstrates continued acceptance and de-stigmatization of cannabis across legal age groups

Bethan Rose Jenkins, Cannabis News Writer/Editorial

Legal cannabis spending is on the rise. According to ArcView Market Research and BDS Analytics, the global cannabis market is predicted to rake in $17 billion this year.

What’s more, cannabis consumers around the world are expected to fork out $31.3 billion for the green plant and its derivatives by 2022.

Rapid market expansion has been spotlighted in cannabis delivery platform Eaze’s annual State of Cannabis report, which suggests that the “baby boomer” demographic is among the fastest-growing demographics for cannabis use.

Who are “baby boomer” cannabis consumers?

Image result for baby boomer cannabisEaze’s cannabis report gleaned data from 450,000 buyers and approximately 4,000 survey respondents.

Based on the report, last year saw a spike in the number of baby boomer cannabis consumers, with this consumer demographic swelling 25 percent. Individuals who fall into this consumer demographic will have been born between 1946 and 1964. 

On average, baby boomer consumers aged 50 and overspent $95.04 each month on the green plant. This is more than “Generation X-ers”, who spent $89.24 per month on weed. Baby boomers also outspent “millennials” ($72.94) and “Generation Z-ers” ($62.35.) Millennials continue to be the largest group of Eaze’s cannabis consumers, however.

Female and baby boomer cannabis consumers contributing to surging demand for CBD oils

By 2022, head of policy research for Eaze, Peter Gigante, predicts that the cannabis consumer market will be split straight down the middle in terms of which sex consumes the most weed.

Eaze’s report suggests that the percentage of female cannabis consumers is currently resting at around 38 percent. The report found that 21 percent of CBD product consumers are baby boomer women.

It also determined that female and baby boomer cannabis consumers are triggering a rise in demand for CBD oils. Wellness-focused cannabis products are also shifting to the forefront of consumer attention.

Key findings of the “State of Cannabis” report are as follows:

  • On average, the typical cannabis consumer is aged 31.
  • In 2018, first-time cannabis buyers soared 140 percent.
  • Higher volumes of cannabis are being ordered by consumers, with the average monthly order climbing 28 percent last year.
  • Veterans account for three percent of the market.
  • Disabled individuals account for 11 percent of the market.
  • Millennial cannabis consumers (63 percent) are drinking less alcohol.
  • Cannabis-consuming Gen Z-ers (32 percent) are using less tobacco.
  • Green Wednesday (the day before Thanksgiving), 4/20 and Halloween are the biggest cannabis sales days.
  • Among all cannabis consumers, 71 percent reduced reliance on over-the-counter prescription medications after using weed. A further 35 percent reduced their intake of prescription drugs.
  • Gummies are the most popular type of cannabis edible.
  • Men are more likely to buy flower and concentrated forms of cannabis, whereas women are more likely to purchase cannabis edibles, drops, and topicals.
  • Using cannabis to promote a better night’s sleep is the most common reason for consumption.

“The 2018 State of Cannabis report shows continued acceptance and de-stigmatization of cannabis across legal age groups – along with continued enthusiasm for new products,” said Eaze CEO Jim Patterson during an interview with the Associated Press. “Promoting wellness is a top priority for our company, so we’re excited to see how consumers are using cannabis as part of their daily routines.”